How Vietnam’s tech scene has turned skeptics into believers

When I moved to Vietnam in 2011, I immediately fell in love with the country’s vibrancy and warmth. I was struck by how different the work culture felt compared to London – I’ve felt that way in every role I’ve had here, from my first job in private equity (PE) to now as a partner at VC firm Antler.

When I was a suit armed with a BlackBerry in the Square Mile, it was fun, cutthroat, and partly fun because it was cutthroat. In contrast, everyone in the Ho Chi Minh City office of the PE firm I worked for gathered for lunch together every day, fostering a communal atmosphere rarely seen in Western corporate environments.

Photo credit: Shutterstock

Beyond that togetherness though, Vietnam always had a dynamic entrepreneurial spirit. But the startup ecosystem today is far from what it was 13 years ago: Opportunities were scarce, infrastructure was limited, and venturing into startups felt like leaping into the unknown.

Vietnam has transformed into a potential launchpad for innovative, scalable tech ventures that could compete on the world stage. Yet regulatory hurdles and talent gaps still pose significant obstacles to this ambitious vision.

From doubt to optimism

In the past, overseas investors showed significant skepticism toward Vietnamese tech ventures. It wasn’t uncommon for them to camp outside warehouses, counting the trucks going in and out to get a feeling for how true the reported order volumes were.

I once had investors fly in from Europe to visit our ecommerce venture in 2012, adamant that they had to see our office and warehouse. Making a long trip to the facility and the risk of getting stuck in rush-hour traffic didn’t matter.

See also: Coolmate wants to be Vietnam’s next unicorn

We traveled 45 minutes just to spend less than 10 minutes ticking a box on their list. The trip ended with genuine relief for the investors: “Yes! They have a warehouse. OK, let’s go back.”

What sets Vietnam apart then and now is its deeply rooted entrepreneurial spirit. Nearly everyone has multiple jobs, maximizing their hours to build a better future.

Traffic in Hanoi, Vietnam / Photo credit: Jon Chica / Shutterstock

It’s normal to have a shop or an eatery on the ground floor of your house, meaning work and life are tightly intertwined. Need to take a passport photo at 9 p.m. on a Sunday? No problem, please come in and sit down – don’t mind the kids playing before bedtime.

Life and work are still enmeshed and that entrepreneurial spirit remains, but the country’s founder landscape has changed significantly.

Diversity abounds

Stumbling blocks

The more things change…